On June 10-13, the SCO Interbank Association Council meeting took place in Bishkek. The meeting was chaired by Kyrgyzstan. The meeting approved the presidency of the Russian Federation in 2020 and elected the State Development Corporation VEB.RF’s Chairman Igor Shuvalov as the Chairman of the SCO Interbank Association in 2020.
The SCO Interbank Association was established by the resolution of the SCO Heads of Government Council in 2005. Today the members of the SCO Interbank Association are the State Development Corporation “VEB.RF”, the China Development Bank, the Development Bank of Kazakhstan, the RSK Bank of Kyrgyzstan, the Amonatbonk State Savings Bank of Tajikistan, the National Bank for Foreign Economic Activity of the Republic of Uzbekistan, Habib Bank Limited (Pakistan). The SCO IBA partner banks include: the Savings Bank Belarusbank, the Development Bank of Mongolia, the Eurasian Development Bank.
In 2020 the SCO Interbank Association marks its fifteenth anniversary.
The SCO member states’ national economies account for 22.5% of the gross world product (GWP), the IMF’s expert forecast envisages that their contribution will increase up to 38-40% by 2025. The SCO member states’ foreign trade turnover exceeded USD6.3tn. The SCO Interbank Association has become an efficient banking, financial and investment cooperation instrument. Today the Shanghai Cooperation Organisation brings together emerging economies with significant territories, a large market, abundant natural resources and powerful production capacity.
VEB.RF issued short-term bonds in additional placements to companies and corporations on 13 and 14 June 2019.
The Bank raised 6.08 billion roubles, including 5 billion roubles from bonds with a maturity of 21 days and a coupon of 7.57% p.a. and 1.08 billion roubles from bonds with a maturity of 28 days and a coupon of 7.54% p.a.
The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.
The arrangers of the bond issue are Gazprombank and Svyaz-Bank.
The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.